XVS (Venus) : A new token on the Binance Ecosystem
On XVS BTC the chart is showing us the sellers are becoming weaker, but what is XVS (Venus) ?
"Venus is the protocol that builds a decentralized Finance (DeFi) platform on the Binance Smart Chain enabled Digital asset loans and create these synthetic stablecoin are supported by various BEP-20 assets.
The protocol is developed by Swipe Wallet, acquired by Binance earlier this year for an undisclosed amount. Binance said the protocol would remove some of Ethereum's characteristics, such as network congestion and high transaction fees, as it is built on top of the Binance Smart Chain.
Binance first revealed a project called Venus last August. At that time, Binance said Venus would be a “Regional version of Libra"."
What is Binance?
Binance is the worlds largest cryptocurrency exchange. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software. That means XVS is backed by the worlds largest Cryptocurrency exchange which is a positive thing in the long run for this token.
Source: en.blogtienao.com/venus-xvs-coin/
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Head & Shoulders Pattern:
Learning to trade the Head And Shoulders Pattern with Bitcoin.
In the Head & Shoulders Pattern price forms 3 distinct peaks after a strong uptrend, the left and right peak should have a similar height (shoulders), the middle peak (head) has to be the highest or this can not be a HS pattern . They should seem triangular in appearance but as long as it fits the main characteristics can still be a valid pattern.
You can click the above image for a further explanation of this pattern.
General Pattern Failure:
General Pattern Failure occurs when a chart pattern breaks out, fails to hit target, quickly reverses then rejects off that same breakout level back inside the pattern continuing in the opposite direction of the breakout. General pattern failure can also be considered a Liquidity Grab or can be referred to as a “Fake Out” also when it happens more rapidly after the original pattern breakout.
Pictured in the above image, you can clearly see how the price after heading downwards from the Head & Shoulders Pattern, came back inside of the pattern, "failing" it and then proceeding to head upwards from there.
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3. Similarity to BNB Token & SXP Token (Binance Coin & Swipe Token):
BNB (Binance) Token:
SXP (Swipe) Token:
So XVS token is coming back inside this Head & Shoulders Pattern support area , we have the potential for the initial downwards breakout to get rejected and fail as more and more buyers flock to XVS. But this is not the first time we have seen something like this happen.
You can click the above images to see the same exact trading setup, a Head & Shoulders into General Pattern Failure, on BNB and potentially SXP which are both backed by binance exchange. Click on the above images then press play on the main idea
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Learning to trade patterns such as these can provide great opportunities if you understand price action and how to identify the key areas inside the patterns that other traders and investors may be focusing on too, these areas become important psychological levels on the chart & price tends to have strong reactions from these areas.
If you enjoyed the insights you can show your support by commenting & liking - below i have linked the two other ideas explaining the Head & Shoulders & Inversed version of the pattern for further education below.
"Venus is the protocol that builds a decentralized Finance (DeFi) platform on the Binance Smart Chain enabled Digital asset loans and create these synthetic stablecoin are supported by various BEP-20 assets.
The protocol is developed by Swipe Wallet, acquired by Binance earlier this year for an undisclosed amount. Binance said the protocol would remove some of Ethereum's characteristics, such as network congestion and high transaction fees, as it is built on top of the Binance Smart Chain.
Binance first revealed a project called Venus last August. At that time, Binance said Venus would be a “Regional version of Libra"."
What is Binance?
Binance is the worlds largest cryptocurrency exchange. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software. That means XVS is backed by the worlds largest Cryptocurrency exchange which is a positive thing in the long run for this token.
Source: en.blogtienao.com/venus-xvs-coin/
_______________________________________________
Head & Shoulders Pattern:
Learning to trade the Head And Shoulders Pattern with Bitcoin.
In the Head & Shoulders Pattern price forms 3 distinct peaks after a strong uptrend, the left and right peak should have a similar height (shoulders), the middle peak (head) has to be the highest or this can not be a HS pattern . They should seem triangular in appearance but as long as it fits the main characteristics can still be a valid pattern.
You can click the above image for a further explanation of this pattern.
General Pattern Failure:
General Pattern Failure occurs when a chart pattern breaks out, fails to hit target, quickly reverses then rejects off that same breakout level back inside the pattern continuing in the opposite direction of the breakout. General pattern failure can also be considered a Liquidity Grab or can be referred to as a “Fake Out” also when it happens more rapidly after the original pattern breakout.
Pictured in the above image, you can clearly see how the price after heading downwards from the Head & Shoulders Pattern, came back inside of the pattern, "failing" it and then proceeding to head upwards from there.
_______________________________________________
3. Similarity to BNB Token & SXP Token (Binance Coin & Swipe Token):
BNB (Binance) Token:
SXP (Swipe) Token:
So XVS token is coming back inside this Head & Shoulders Pattern support area , we have the potential for the initial downwards breakout to get rejected and fail as more and more buyers flock to XVS. But this is not the first time we have seen something like this happen.
You can click the above images to see the same exact trading setup, a Head & Shoulders into General Pattern Failure, on BNB and potentially SXP which are both backed by binance exchange. Click on the above images then press play on the main idea
_______________________________________________
Learning to trade patterns such as these can provide great opportunities if you understand price action and how to identify the key areas inside the patterns that other traders and investors may be focusing on too, these areas become important psychological levels on the chart & price tends to have strong reactions from these areas.
If you enjoyed the insights you can show your support by commenting & liking - below i have linked the two other ideas explaining the Head & Shoulders & Inversed version of the pattern for further education below.
